manganese/ iron ore financing news, page-7

So much for Arlberg's statement 2.4.14 that "even the worst of junior projects are getting finance". This is starting to look very serious.
Angk, I do not agree that TRF's 20% free carry is an impediment to debt financing. It might mean that TRF has to agree not to draw against its entitlement until IFE debt is reduced to a comfortable level but I would far rather that outcome than no finance. The free carried interest is a major asset of TRF and should not be given a way lightly. There is a conflict of interest here for the directors.
Equity financing for IFE would involve the issue of 200m new shares at current prices; even if buyers could be found, that would dilute the existing shareholding to a third of current level - disatrous for IFE holders.

Management is to blame, mainly because of the huge delays in getting to production with result that Fe prices are in decline and likely to fall to a level where IFE production would now be barely profitable. Management really has had no idea throughout the process of exactly what was required to get production up and running. I have no confidence that they can progress the other potential from TRF's various tenements.
It is now time for management stop focussing on their own job retention and to start looking at some hard options like reducing (substantially) management costs (salaries),selling some/all of existing tenements and other assets (OGX holding), ceasing all further exploration until finances are sorted. Directors duties are to achieve the best result for shareholders and that might mean admitting that they are incapable of getting this show on the road.